Description

Highest PMG Graded Vermont 1 Shilling Note

Vermont February 1781 1s PMG Very Fine 20.
Vermont notes were printed on thin, weak paper that disintegrated
rapidly, and fragments of notes are far more common than whole
examples. The notes were issued to help fund the Revolutionary war
and also increase the number of bills in circulation. The scarcity
of the notes is due to the fact that only a single issue was
emitted and only 3600 notes of each denomination were printed.
Also, that issue, authorized in February of 1781, had its Legal
Tender status revoked after a little more than a year in
circulation. The scarcity was further increased by the fact that
these notes retained their validity for tax payments, but the
Treasury was denied the right to re-issue the bills, and they were
burnt when received as taxes. Only five examples have been graded
by PMG to date, with this note the highest graded by eight points.
We sold this note at our April 2010 Central States auction. At that
time it realized $9200. It should do better today.